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PEDEVCO Announces Entry into Participation Agreement and Area of Mutual Interest with Large Private Equity-Backed D-J Basin E&P Company
HOUSTON, TX / ACCESSWIRE / October 1, 2024 / PEDEVCO Corp. (NYSE:PED) ("PEDEVCO") today announced that it has entered into a five year Participation Agreement ("PA") and Area of Mutual Interest ("AMI") with a large, Denver, Colorado-based private equity-backed D-J Basin E&P Company with extensive operational experience ("Operator"), pursuant to which the companies have agreed to participate in the joint development of approximately 10,750 net acres collectively held by the companies in the SW Pony Prospect located in Weld County, Colorado. The parties have formed an approximately 16,900 gross acre AMI in the prospect, with PEDVCO holding a 30% interest and the Operator holding a 70% interest in the combined acreage. The companies have agreed that the highly-experienced private company will operate the SW Pony Prospect under a joint operating agreement entered into by the parties, with the parties contemplating drilling and completing a minimum of five horizontal Niobrara wells per year over the next five years. Additionally, pursuant to the PA, PEDEVCO has acquired a ~27.9% working interest (30% proportionally reduced for other working interest owners) in six new horizontal D-J Basin wells that were drilled and completed in Q3 2024 in the SW Pony Prospect, which will add an immediate and significant production uplift to PEDEVCO in Q3 2024, and for which PEDEVCO will pay its ~27.9% proportional capital expense. The AMI covers approximately 16% of PEDEVCO's D-J Basin acreage, but does not include any acreage where PEDEVCO has existing permits for its anticipated future operated development.
HOUSTON, TX / ACCESSWIRE / October 1, 2024 / PEDEVCO Corp. (NYSE:PED) ("PEDEVCO") today announced that it has entered into a five year Participation Agreement ("PA") and Area of Mutual Interest ("AMI") with a large, Denver, Colorado-based private equity-backed D-J Basin E&P Company with extensive operational experience ("Operator"), pursuant to which the companies have agreed to participate in the joint development of approximately 10,750 net acres collectively held by the companies in the SW Pony Prospect located in Weld County, Colorado. The parties have formed an approximately 16,900 gross acre AMI in the prospect, with PEDVCO holding a 30% interest and the Operator holding a 70% interest in the combined acreage. The companies have agreed that the highly-experienced private company will operate the SW Pony Prospect under a joint operating agreement entered into by the parties, with the parties contemplating drilling and completing a minimum of five horizontal Niobrara wells per year over the next five years. Additionally, pursuant to the PA, PEDEVCO has acquired a ~27.9% working interest (30% proportionally reduced for other working interest owners) in six new horizontal D-J Basin wells that were drilled and completed in Q3 2024 in the SW Pony Prospect, which will add an immediate and significant production uplift to PEDEVCO in Q3 2024, and for which PEDEVCO will pay its ~27.9% proportional capital expense. The AMI covers approximately 16% of PEDEVCO's D-J Basin acreage, but does not include any acreage where PEDEVCO has existing permits for its anticipated future operated development.
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